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Indiana FHA Home Loans

FHA Mortgage Loan Programs in Indiana
FHA Loan Requirements - 2020 FHA Loan Limits

Indiana FHA Loans | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Indiana.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Indiana FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Indiana.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Indiana below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Indiana.  To have an FHA lender contact you, request a free consultation.

2020 Indiana FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Indiana:

County Single Family 2 Family 3 Family 4 Family
ADAMS COUNTY $331,760 $424,800 $513,450 $638,100
ALLEN COUNTY $331,760 $424,800 $513,450 $638,100
BARTHOLOMEW COUNTY $331,760 $424,800 $513,450 $638,100
BENTON COUNTY $331,760 $424,800 $513,450 $638,100
BLACKFORD COUNTY $331,760 $424,800 $513,450 $638,100
BOONE COUNTY $355,350 $454,900 $549,850 $683,350
BROWN COUNTY $355,350 $454,900 $549,850 $683,350
CARROLL COUNTY $331,760 $424,800 $513,450 $638,100
CASS COUNTY $331,760 $424,800 $513,450 $638,100
CLARK COUNTY $333,500 $426,950 $516,050 $641,350
CLAY COUNTY $331,760 $424,800 $513,450 $638,100
CLINTON COUNTY $331,760 $424,800 $513,450 $638,100
CRAWFORD COUNTY $331,760 $424,800 $513,450 $638,100
DAVIESS COUNTY $331,760 $424,800 $513,450 $638,100
DEARBORN COUNTY $331,760 $424,800 $513,450 $638,100
DECATUR COUNTY $331,760 $424,800 $513,450 $638,100
DEKALB COUNTY $331,760 $424,800 $513,450 $638,100
DELAWARE COUNTY $331,760 $424,800 $513,450 $638,100
DUBOIS COUNTY $331,760 $424,800 $513,450 $638,100
ELKHART COUNTY $331,760 $424,800 $513,450 $638,100
FAYETTE COUNTY $331,760 $424,800 $513,450 $638,100
FLOYD COUNTY $333,500 $426,950 $516,050 $641,350
FOUNTAIN COUNTY $331,760 $424,800 $513,450 $638,100
FRANKLIN COUNTY $331,760 $424,800 $513,450 $638,100
FULTON COUNTY $331,760 $424,800 $513,450 $638,100
GIBSON COUNTY $331,760 $424,800 $513,450 $638,100
GRANT COUNTY $331,760 $424,800 $513,450 $638,100
GREENE COUNTY $331,760 $424,800 $513,450 $638,100
HAMILTON COUNTY $355,350 $454,900 $549,850 $683,350
HANCOCK COUNTY $355,350 $454,900 $549,850 $683,350
HARRISON COUNTY $333,500 $426,950 $516,050 $641,350
HENDRICKS COUNTY $355,350 $454,900 $549,850 $683,350
HENRY COUNTY $331,760 $424,800 $513,450 $638,100
HOWARD COUNTY $331,760 $424,800 $513,450 $638,100
HUNTINGTON COUNTY $331,760 $424,800 $513,450 $638,100
JACKSON COUNTY $331,760 $424,800 $513,450 $638,100
JASPER COUNTY $368,000 $471,100 $569,450 $707,700
JAY COUNTY $331,760 $424,800 $513,450 $638,100
JEFFERSON COUNTY $331,760 $424,800 $513,450 $638,100
JENNINGS COUNTY $331,760 $424,800 $513,450 $638,100
JOHNSON COUNTY $355,350 $454,900 $549,850 $683,350
KNOX COUNTY $331,760 $424,800 $513,450 $638,100
KOSCIUSKO COUNTY $331,760 $424,800 $513,450 $638,100
LAGRANGE COUNTY $331,760 $424,800 $513,450 $638,100
LAKE COUNTY $368,000 $471,100 $569,450 $707,700
LAPORTE COUNTY $331,760 $424,800 $513,450 $638,100
LAWRENCE COUNTY $331,760 $424,800 $513,450 $638,100
MADISON COUNTY $355,350 $454,900 $549,850 $683,350
MARION COUNTY $355,350 $454,900 $549,850 $683,350
MARSHALL COUNTY $331,760 $424,800 $513,450 $638,100
MARTIN COUNTY $331,760 $424,800 $513,450 $638,100
MIAMI COUNTY $331,760 $424,800 $513,450 $638,100
MONROE COUNTY $331,760 $424,800 $513,450 $638,100
MONTGOMERY COUNTY $331,760 $424,800 $513,450 $638,100
MORGAN COUNTY $355,350 $454,900 $549,850 $683,350
NEWTON COUNTY $368,000 $471,100 $569,450 $707,700
NOBLE COUNTY $331,760 $424,800 $513,450 $638,100
OHIO COUNTY $331,760 $424,800 $513,450 $638,100
ORANGE COUNTY $331,760 $424,800 $513,450 $638,100
OWEN COUNTY $331,760 $424,800 $513,450 $638,100
PARKE COUNTY $331,760 $424,800 $513,450 $638,100
PERRY COUNTY $331,760 $424,800 $513,450 $638,100
PIKE COUNTY $331,760 $424,800 $513,450 $638,100
PORTER COUNTY $368,000 $471,100 $569,450 $707,700
POSEY COUNTY $331,760 $424,800 $513,450 $638,100
PULASKI COUNTY $331,760 $424,800 $513,450 $638,100
PUTNAM COUNTY $355,350 $454,900 $549,850 $683,350
RANDOLPH COUNTY $331,760 $424,800 $513,450 $638,100
RIPLEY COUNTY $331,760 $424,800 $513,450 $638,100
RUSH COUNTY $331,760 $424,800 $513,450 $638,100
SCOTT COUNTY $333,500 $426,950 $516,050 $641,350
SHELBY COUNTY $355,350 $454,900 $549,850 $683,350
SPENCER COUNTY $331,760 $424,800 $513,450 $638,100
ST. JOSEPH COUNTY $331,760 $424,800 $513,450 $638,100
STARKE COUNTY $331,760 $424,800 $513,450 $638,100
STEUBEN COUNTY $331,760 $424,800 $513,450 $638,100
SULLIVAN COUNTY $331,760 $424,800 $513,450 $638,100
SWITZERLAND COUNTY $331,760 $424,800 $513,450 $638,100
TIPPECANOE COUNTY $331,760 $424,800 $513,450 $638,100
TIPTON COUNTY $331,760 $424,800 $513,450 $638,100
UNION COUNTY $331,760 $424,800 $513,450 $638,100
VANDERBURGH COUNTY $331,760 $424,800 $513,450 $638,100
VERMILLION COUNTY $331,760 $424,800 $513,450 $638,100
VIGO COUNTY $331,760 $424,800 $513,450 $638,100
WABASH COUNTY $331,760 $424,800 $513,450 $638,100
WARREN COUNTY $331,760 $424,800 $513,450 $638,100
WARRICK COUNTY $331,760 $424,800 $513,450 $638,100
WASHINGTON COUNTY $333,500 $426,950 $516,050 $641,350
WAYNE COUNTY $331,760 $424,800 $513,450 $638,100
WELLS COUNTY $331,760 $424,800 $513,450 $638,100
WHITE COUNTY $331,760 $424,800 $513,450 $638,100
WHITLEY COUNTY $331,760 $424,800 $513,450 $638,100

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